Roanoke beats Street on slow growth

CBS.MarketWatch.com

ROANOKE, Va. (CBS MW) -- Roanoke Gas Company shares edged lower Tuesday after the company beat analyst estimates but posted only a modest increase in revenue.

Roanoke Gas
RGCO, +1.99%
said second-quarter consolidated earnings were $2.69 million, or $1.48 a share, compared to $2.12 million, or $1.24 a share in the same period a year ago. Analysts surveyed by First Call expected a gain of $1.30.

Operating revenue for the second quarter was $23 million vs. $22 million in the year-ago period.

The company said revenue was hurt by warmer-than-expected weather in the period. The decline was partially offset by customer growth and reduced natural gas operating expenses.

John Williamson, president and CEO said he was "pleased the company was able to largely offset the negative impact to revenue of the substantially warmer weather." See press release.

Shares of Roanoke fell 5/8 to 20 1/2.

Operating earnings for the 12-months ended March 31, 1999, however, fell to $2.71 million, or $1.51 a share from $2.81 million, or $1.79 per share a year ago.

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